Piraeus Bank S A : Approval of the Draft Demerger Deed of Piraeus Bank S.A.

Approval of the Draft Demerger Deed of Piraeus Bank S.A.

Piraeus Bank S.A. announces that its Board of Directors approved on August 27th, 2020, the Draft Demerger Deed in relation to the demerger of the Bank (hereinafter the "Demerged Entity") by way of hive-down of its banking activity sector and its contribution into a new entity to be incorporated and licensed as a credit institution (hereinafter the "Beneficiary"), pursuant to the provisions of article 16 of Law 2515/1997 and articles 54 para. 3, 57 para. 3 and 59-74 of Law 4601/2019, as in force (hereinafter the "Demerger").

The assets and liabilities of the hived-down banking sector, as reflected on the transformation balance sheet of the Demerged Entity dated July 31st, 2020 (hereinafter the "Transformation Balance Sheet"), will be transferred in the context of the Demerger as balance sheet items of the Beneficiary, in accordance with the provisions of article 16 para. 5 of Law 2515/1997. All actions concerning the hived- down sector, which will be effected by the Demerged Entity following the Transformation Balance Sheet date, shall be deemed to have been conducted for the account of the Beneficiary.

Upon completion of the Demerger:

1. the Beneficiary will be incorporated and the Demerged Entity shall become a shareholder of the Beneficiary and will acquire all the shares issued by the Beneficiary, i.e. 5,400,000,000 common registered shares of a nominal value of €

1.00 each;

1. the Beneficiary will substitute the Demerged Entity, by way of universal succession, to all the transferred assets and liabilities, as these are reflected on the Transformation Balance Sheet and will be formed until the completion of the Demerger; and

1. the Demerged Entity will cease to be a credit institution, while its shares will remain listed on the Athens Stock Exchange.

The completion of the Demerger is subject to approval by the Bank's General Meeting of Shareholders pursuant to applicable law, as well as to the receipt of all required approvals and authorisations by the competent authorities.

Piraeus Bank will update the investment community on the progress of the Demerger process, in accordance with the applicable legislative and regulatory framework.

Athens, 28 August 2020